The government had imposed a nationwide lockdown in March owing to the coronavirus pandemic outbreak throughout India. As a result of this lockdown that began in March, times ahead of the close of the fiscal yr, quite a few taxpayers had been denied the opportunity to make tax saving financial commitment for fiscal yr 2019-twenty (FY20). The government had consequently prolonged the owing date up to June 30, 2020, and has not too long ago specified a additional extension until eventually July 31, 2020 for making tax saving investments pertaining to FY20. This shift has specified taxpayers much more time to make investments and help you save tax.
Using the higher than example into consideration, it is totally up to the taxpayer to determine which fiscal yr he needs to assert the deduction for investments built in the months of April to July 2020. Nevertheless, another point to contemplate is